Buyers & Sellers
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Buyers & Sellers

Devcon Enterprises, Inc. acquired Shaw’s Plaza in Gilford, NH for $11.82 million. The 100% leased center is anchored by a 55,408 sq.ft. Shaw’s supermarket, T.J. Maxx and Mobil. The average daily traffic count at the site is 12,000 vehicles.

For more information, contact J.R. Cody III, Devcon Enterprises, Inc., Corporate Center West, 433 South Main Street, Suite 300, West Hartford, CT 06110; 860-521-6999, Fax 860-521-6789; Email: devcon@devconenterprises.com; Web site: www.devconenterprises.com.

Developers Diversified Realty Corp. acquired two shopping centers from Burnham Pacific Properties, Inc. for about $65 million, of which $15 million was paid in cash and $50 million was paid in stock. The acquired centers include a 123,000 sq.ft. mixed-use property at 1000 Van Ness in San Francisco, CA and Hilltop Plaza, a 245,000 sq.ft. open-air community center located on Interstate 80 in Richmond, CA. The San Francisco property, which is a National Historic Landmark, is anchored by AMC Theatres, Crunch Fitness and several restaurants. Hilltop Plaza is anchored by Barnes & Noble, Circuit City, PetsMart, Century Theater and Ross ‘Dress for Less.’

For more information, contact Developers Diversified Realty Corp., 3300 Enterprise Parkway, Beachwood, OH 44122; 216-755-5500; Web site: www.ddrc.com.

Reliance Property Group is marketing 23.5 acres located on South Main Street in Boerne, TX. The property, which is located across from a Wal*Mart Supercenter that is under construction, is zoned B-2. The asking price is $3.25 million or $3.25 psf.

For more information, contact Ken Hoerster, Reliance Property Group, 830-816-8181, Fax 830-249-0099, Cell 210-859-6256; Email: khoerster@reliancedealmakers.net.

Mid-America Real Estate Group brokered the sale of a 12-acre parcel in Kenosha, WI, located adjacent to the 50/94 Retail Center and next to Steinhafels furniture store. The parcel was purchased by Kenosha Land, LLC.

For more information, contact Mid-America Real Estate Group, Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181; 630-954-7300; Web site: www.midamericagrp.com.

Simon Property Group, Inc. sold the Eastgate Consumer Mall located at the intersection of Shadeland Avenue and Washington Street in Indianapolis, IN. The mall was acquired by a private investor from Raleigh, NC. The center is anchored by Burlington Coat Factory.

For more information, contact Simon Property Group, Inc., 115 West Washington Street, Indianapolis, IN 46204; 317-636-1600; Web site: www.simon.com.

IRT Property Co. acquired Parkwest Crossing, an 85,602 sq.ft. neighborhood shopping center adjacent to Research Triangle Park in the Durham, NC. The center was acquired for $6.6 million. A 38,052 sq.ft. Food Lion anchors the 100% leased center.

For more information, contact IRT Property Co., 200 Galleria Parkway, Suite 1400, Atlanta, GA 30339; 770-955-4406, Fax 770-988-8773; Web site: www.irtdealmakers.net.

Equity Properties sold a former 45,000 sq.ft. Pathmark location on Whitaker Avenue in Philadelphia, PA. The site was sold to Gong Shing Realty Corp.

For more information, contact Edward Ginn, Equity Properties, 600 Haverford Road, Suite 204, Haverford, PA 19041; 610-645-7700 Ext. 101; Email: ed@realinfonow.com; Web site: www.retailbrokers.com.

NAI Rauch, Weaver, Norfleet, Kurtz & Co. is marketing a KFC and Yucatan Grill on a 1.1-acre property in Fort Lauderdale, FL. The buildings are 6,500 sq.ft. and have an NOI of $102,000. The asking price is $1.5 million.

For more information, contact Brian J. Huckstein, NAI Rauch, Weaver, Norfleet, Kurtz & Co., 5300 North Federal Highway, Fort Lauderdale, FL 33308; 954-771-4400, Fax 954-771-4537; Email: bhuckstein@rwnk.com; Web site: www.rwnk.com.

Marcus & Millichap is marketing Old Country Buffet locations in highly populated areas of CT, IL, KY, MN, OH, PA and WI for Buffets, Inc. The company believes the properties are excellent for 1031 Tax Exchanges. The asking prices are between $1.18 million and $2.7 million with Cap rates from 8.6% to 8.85%. The properties have 20-year, absolute NNN leases with 2.25% rent bumps every year after the fifth lease year. Buffets, Inc. is the corporate guarantor.

For more information, contact J. Chris Rea, Marcus & Millichap, 1200 Abernathy Road, Building 600, Suite 650, Atlanta, GA 30328; 678-942-4643; Email: crea@marcusmillichap.com; Web site: www.mm-nrg.com.

The John Akridge Companies and Seaton Benkowski & Partners acquired a 750,000 sq.ft. office and retail project at 800 K Street and 801 Eye Street in Washington, DC. The complex, which consists of two buildings, a suspended walkway and exterior garden areas, adjoins the 800-room Marriott Renaissance Hotel.

For more information, contact The John Akridge Companies, 601 13th Street Northwest, Suite 300N, Washington, DC 20005; 202-624-8650; Web site: www.akridge.com.

Capital and Counties U.S.A., Inc. acquired the 850,000 sq.ft. Serramonte Shopping Center in Daly City, CA. The center, which is located on an 80-acre parcel, is anchored by Macy’s, Mervyn’s and a 160,000 sq.ft. Target Greatland.

For more information, contact Turner Newton, Capital and Counties U.S.A., Inc., 100 The Embarcadero, Suite 200, San Francisco, CA 94105; 415-421-5100; Fax 415-421-6021; Email: htnewton@capcount-usa.com; Web site: www.capcount-usa.com.

The Staubach Co. is marketing three Circuit City stores with 20-year bond net leases at 3987 Eastern Boulevard in Montgomery, AL; 2700 Northeast Martha Berry Highway in Rome, GA and 70 Taunton Depot Drive in Taunton, MA. The Montgomery location is 32,034 sq.ft. and located on 3.16 acres. The asking price is $6,067,416 with a Cap rate of 8.9%. The Rome location is 33,605 sq.ft. and located on 3.68 acres. The asking price is $4,719,101 with a Cap rate of 8.9%. The Taunton location is 32,748 sq.ft., located on 3.29 acres and part of a shopping center. The asking price is $6,404,494 with a Cap rate of 8.9%.

For more information, contact Todd Minnis or Ken Shulman, The Staubach Co., 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 972-361-5088/5078, Fax 972-361-5909; Email: tminnis@staubach.com or kshulman@staubach.com; Web site: www.staubach.com.

Hyperion Investments, LLC is seeking seller-financed income properties in southern CA. The company is looking for owners willing to carryback 20% to 50% of the sales price. The preferred price range is $300,000 to $5 million and preferred property types include retail, shopping center, mixed-use, office, industrial and apartment.

For more information, contact Darwin Amos, Hyperion Investments, LLC, 111146 North Central Avenue, #274, Glendale, CA 91202-2502, 877-231-8351; Email: hyperioninvestments@mail.com; Web site: www.hyperioninvest.com.

DLC Management Corp. acquired the Cedars Square Shopping Center in the Lebanon, TN market. The 280,000 sq.ft. center is anchored by a 199,000 sq.ft. Wal*Mart Supercenter and a 30,000 sq.ft. Goody’s Family Department Store. Other tenants include Dollar Tree, CATO, Sally Beauty Supply, Hibbett Sporting Goods and On Cue Music.

For more information, contact Daniel M. Taub, DLC Management Corp., 580 White Plains Road, Third Floor, Tarrytown, NY 10591; 914-631-3131; Fax 914-631-6533; Cell 914-490-8504; Email: dtaub@dlcmgmt.com; Web site: www.dlcmgmt.com.